Silver climbed as high as $50 before closing the week at $47.94. A couple things happened to drive down the silver price. Tuesday was options expiration, so the price was beaten down by shorts. Second, the CME raised margin requirements for silver not once but twice this week.
Jesse expects silver to hit $55 by the end of May and that’s probably conservative.
Last week was the first time gold rose above $1,500. This week gold posted new records, closing at $1,563. We could see $1,600 in the next week or two. Gold was in the doldrums over the winter, but it’s on the move again.
Meanwhile, the US dollar hit its lowest point since 2008. With foreign reserves of the dollar shrinking, inflation is expected to rise.
- Silver Takes Out $46, $47; How and Where to Buy Physical Silver and Gold (April 22)
- Gold Takes Out $1500; Silver Takes Out $44, $45 (April 19)
- New Gold and Silver Records; Silver Takes Out $42, $43 (April 16)